Zaggle Prepaid Ocean Services Limited, a city-based SaaS fintech player, posted 273.37 crore revenue in the fourth quarter of the last financial year ending March 31, 2024, up 46 per cent from Rs 1,868.5 crore in the same period a year ago. The company’s net profit jumped by 153.4 per cent to Rs 19.16 crore during January-March 2024 from Rs 7.56 crore in the same period a year ago.
For the full financial year FY24, the company’s net profit zoomed 92.2 per cent to Rs 44.02 crore from Rs 22.9 crore in the previous financial year. The total revenues were Rs 775.6 crore, up 40.1 per cent from Rs 553.5 crore in FY23. Raj P Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services Limited said, “In FY24 and Q4FY24, we set new record in terms of revenue from SaaS fees, program fees and Propel Points. This led to our highest ever performance across key profitability metrics during these periods”.
During the financial year, the company’s debt reduced from Rs 121 crore to Rs 73.6 crore. “This led to a reduction in finance costs on YoY basis. However, on a sequential basis the increase is due to fees paid on the prepayment of debt,” the company said.